Intuit Bookkeeping Professional
Certificate Questions And Answers
WhatJare the 5 Account Types? - CORRECT ANSWER-- Assets
- Liabilities
- Equity
- Revenue
- Expenses
What isJthe accountingJformula? - CORRECT ANSWER-Assets = Liabilities + Equity + Revenue -
Expenses
What doesJDEA/LER stand for? - CORRECT ANSWER-- Debit
Expenses and Assets
- Credit
Liabilities
Equity
Revenue
What are the 6Jsteps of the Accounting-Cycle? - CORRECT ANSWER--
Collect and Analyze Transactions
- Record/Post transactions to the ledger
- Prepare and unadjusted trial balance
- Prepare adjustingJentries at the end of the period
- Prepare an adjusted trial balance
- Prepare financial statements
WhatJare the 4 Types of financial statements? - CORRECT ANSWER-- The income statement
- The balance sheet
- The statement of equity
, - The statement of cash flow
WhatJare the 4JtypesJof accounting adjustments? - CORRECT ANSWER-- Deferrals
- Accruals
- Missing Transactions
- Tax Adjustments
WhatJtasksJwould a bookkeeper do? - CORRECT ANSWER--
Handle bank feedsJand reconciles bankJaccounts, managingJaccountsJreceivable/payable, and reco
rd financial transactions
Mary Smith is the owner and operator of Smith Construction. At the end of the company's accounti
ng period, December 31, 2020, Smith Construction has assetsJtotalingJ$760,000 and liabilities totali
ng $240,000.
Use the accounting equation to calculate what Mary's Owner Equity would be as of December 31, 2
020. -JCORRECT ANSWER-- $520,000
Mike Anderson isJthe owner and operator of Anderson Consulting. At the end of 2019, the company
's assetsJtotaled $500,000 and its liabilities totaled $175,000. Assuming that over the 2020 fiscal ye
ar, assets increased by $120,000 and liabilities increased by $72,000, use theaccounting equation t
o determine what Mike's Owner's equity will be asJof December 31, 2020? - CORRECT ANSWER--
$373,000
Maria Garcia ownsJa software consulting firm. At the beginning of 2019, her firm had assets of $800
,000 and liabilities of $185,000. Assuming that assets decreased by $52,000 and liabilities increase
d by $24,000 during 2020, use the accounting equation to calculate equity at the end of 2020. -
CORRECT ANSWER-- $539,000
The accounting equation can be defined as: - CORRECT ANSWER-- Assets = Liability + Equity
What the company owns or controls and expectsJto gain value from is defined as: -
CORRECT ANSWER-- An Asset
WhatJthe company owesJto others is defined as: - CORRECT ANSWER-- Liabilities
The owner's stake in the company is defined as: - CORRECT ANSWER-- Equity
A way of bookkeeping that tracks which accounts increase and which decrease for a given transacti
on is known as: - CORRECT ANSWER-- Double-entry Accounting
Certificate Questions And Answers
WhatJare the 5 Account Types? - CORRECT ANSWER-- Assets
- Liabilities
- Equity
- Revenue
- Expenses
What isJthe accountingJformula? - CORRECT ANSWER-Assets = Liabilities + Equity + Revenue -
Expenses
What doesJDEA/LER stand for? - CORRECT ANSWER-- Debit
Expenses and Assets
- Credit
Liabilities
Equity
Revenue
What are the 6Jsteps of the Accounting-Cycle? - CORRECT ANSWER--
Collect and Analyze Transactions
- Record/Post transactions to the ledger
- Prepare and unadjusted trial balance
- Prepare adjustingJentries at the end of the period
- Prepare an adjusted trial balance
- Prepare financial statements
WhatJare the 4 Types of financial statements? - CORRECT ANSWER-- The income statement
- The balance sheet
- The statement of equity
, - The statement of cash flow
WhatJare the 4JtypesJof accounting adjustments? - CORRECT ANSWER-- Deferrals
- Accruals
- Missing Transactions
- Tax Adjustments
WhatJtasksJwould a bookkeeper do? - CORRECT ANSWER--
Handle bank feedsJand reconciles bankJaccounts, managingJaccountsJreceivable/payable, and reco
rd financial transactions
Mary Smith is the owner and operator of Smith Construction. At the end of the company's accounti
ng period, December 31, 2020, Smith Construction has assetsJtotalingJ$760,000 and liabilities totali
ng $240,000.
Use the accounting equation to calculate what Mary's Owner Equity would be as of December 31, 2
020. -JCORRECT ANSWER-- $520,000
Mike Anderson isJthe owner and operator of Anderson Consulting. At the end of 2019, the company
's assetsJtotaled $500,000 and its liabilities totaled $175,000. Assuming that over the 2020 fiscal ye
ar, assets increased by $120,000 and liabilities increased by $72,000, use theaccounting equation t
o determine what Mike's Owner's equity will be asJof December 31, 2020? - CORRECT ANSWER--
$373,000
Maria Garcia ownsJa software consulting firm. At the beginning of 2019, her firm had assets of $800
,000 and liabilities of $185,000. Assuming that assets decreased by $52,000 and liabilities increase
d by $24,000 during 2020, use the accounting equation to calculate equity at the end of 2020. -
CORRECT ANSWER-- $539,000
The accounting equation can be defined as: - CORRECT ANSWER-- Assets = Liability + Equity
What the company owns or controls and expectsJto gain value from is defined as: -
CORRECT ANSWER-- An Asset
WhatJthe company owesJto others is defined as: - CORRECT ANSWER-- Liabilities
The owner's stake in the company is defined as: - CORRECT ANSWER-- Equity
A way of bookkeeping that tracks which accounts increase and which decrease for a given transacti
on is known as: - CORRECT ANSWER-- Double-entry Accounting
